Retirement

Are you retiring?

As you approach retirement, we will send you a letter containing the details of your voluntary pension insurance, such as the start and end date, and an estimate of the amount of your pension. It will be accompanied by a form in which you can include your bank account number if you are planning to start drawing your pension. If you wish to defer your pension payments to a later period in time than what was originally agreed on, you can also indicate your new date of retirement on the form.

If you do not have the letter containing the start date of your pension and the accompanying form at your disposal, or you wish to apply for a pension before you receive the letter from us, you can fill in an application form and send it to us by post.

Taxation of your supplementary pension

If your pension is subject to income taxation, please contact your local Tax Administration office. The tax office will calculate your income tax percentage for the pension and send a tax card to Mandatum Life. If your pension has to be taxed as capital gain, we will withhold the tax on the capital gains from your pension according to the capital gains tax rate in effect at the time. The current capital gains tax rate is 30 per cent. For capital gains exceeding EUR 30,000, the tax rate is 34 per cent.

The first payment of your supplemental pension will be deposited into your bank account within approximately one week of the start of your retirement. The date of payment depends on the time required for determining the value of the investment objects and possible religious holidays. Thereafter, we will deposit your supplemental pension into your bank account on the first banking day of the month.

You do not need to inform the tax authorities of your pension payments, as we will take care of that for you. We also receive the new withholding tax rate directly from the Tax Administration at the start of the year.

Change in taxation during retirement

If the amount of your supplemental pension changes considerably or if there are changes in your taxation, order a new tax card for your supplemental pension and ask the tax office to deliver the tax card or send it by post to Mandatum Life as soon as possible. This will ensure that we retain the correct amount of withholding tax and that you pay the correct amount of tax.

The information concerning the products or services presented on this website is a general presentation and cannot be construed as an offer or as investment advice or any other advice to make a decision concerning an investment or insurance. The Customer must carefully familiarise him-/herself with the terms and conditions and brochures pertaining to the products and services, and, if necessary, obtain more information prior to making an individual investment decision or other decision concerning insurance. The information regarding legislation and taxation is based on Mandatum Life's understanding of the current legislation and taxation practices. The website contains material that is covered by intellectual property rights. All rights are reserved.
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